The business models of global sourcing are becoming increasingly digital. To help small and medium-sized enterprises adapt to the new normal of post-pandemic scenario, from March 17, Hong Kong Trade Development Council, in collaboration with the Zhejiang Provincial Department of Commerce, has set up the Zhejiang Export Online Trade Fair 2021 by paying close attention to the housewares, gifts and baby toys products from Hong Kong through the "International Sourcing Show". The tight interaction of online and offline activities allows buyers and sellers to make the best use of the exclusive online exhibition platform for business matching and remote video negotiation. It will continue to assist small and medium-sized enterprises to grasp the new post-pandemic opportunities and to seek new orders and explore new cross-industry business opportunities.

Han Jie, Deputy Director of Zhejiang Provincial Department of Commerce, attended the offline opening ceremony. He said that affected by the COVID-19 pandemic, international economic and trade exchanges were hampered in the past year. In order to coordinate the prevention and control of the COVID-19 pandemic and economic and social development, strengthen economic and trade exchanges with various countries, Zhejiang Province gave full play to the advantages of the digital economy, and held more than 500 Zhejiang Export Online Trade Fair (series of stations) activities through online platforms and virtual connections in 2020. 

Mr. Han said that such a new business model allows Zhejiang to continue to maintain economic and trade exchanges with countries from all over the world. In 2020, Zhejiang’s total import and export value was 3.38 trillion yuan, a year-on-year increase of 9.6%, of which exports were 2.52 trillion yuan, a year-on-year increase of 9.1%, and imports were 0.86 trillion yuan, a year-on-year increase of 11.2%. Nationally, the proportion has made a new record, and the contribution rate to the growth of import and export also ranks first among all provinces. Hong Kong has always been Zhejiang's largest trade partner, and the three special exhibitions cover many light industrial products such as housewares, gifts, and baby toys, involving 120 enterprises to participate. It is expected that Zhejiang's high-quality enterprises can make good use of the international economic and trade platform and global buyers resources provided by Hong Kong and HKTDC, and find more new business opportunities during this special period.

Jacky Chung, Director of Chinese Mainland of HKTDC mentioned in his online video speech, saying that due to the pandemic, many offline exhibitions around the world have been canceled or postponed since last year, and the Global Association of the Exhibition Industry (UFI) estimated that in 2020, the global exhibition industry shrank by 68% compared to 2019, and contracts worth about 370 billion US dollars have not been signed. Despite the ongoing pandemic, many domestic and foreign companies responded quickly to promote their products through online platforms, exploring new sources of customers and securing new orders. The HKTDC itself has also adjusted its development strategy. Since last year, it has significantly strengthened its investment in online services by moving its offline exhibitions online and launching an upgraded HKTDC Sourcing platform, mobilizing a network of 50 offices worldwide to help exhibitors and buyers make early arrangements, gained an ideal response from suppliers and buyers.

The GovHK has also added 375 million Hong Kong dollars in subsidies to the HKTDC to upgrade the digital technology and level of the online exhibition in the new round of budget. With the introduction of the new coronavirus vaccine and the start of mass vaccination, it is expected that trade events will gradually get back on track, but the international trade exhibition in the first half of this year still needs to be held online. Even if the pandemic slows down, the "online plus physical“ hybrid mode of holding events will become the new trend.

During the meeting, representatives of HKTDC also signed a memorandum of economic and trade cooperation with representatives of Wuxing District Government and Ninghai County Government to comprehensively promote the economic and trade exchanges and cooperation between the two places. Alan Zhou, Director of Zhejiang, HKTDC; Fu Yuanchao, Deputy Head of Wuxing District, and Wang Hongfei, Deputy Head of Ninghai County attended the offline opening ceremony at the same time.

This year's "International Sourcing Show" brings together 10 industries and four categories of quality lifestyle products and solutions, with the participation of over 1,400 exhibitors. The entire online exhibition will last for 11 days, from March 17 to 31. The activities include online exhibitions, e-card exchanges, video communication, and one-to-one business matching sessions. Through the business matching platform "Click2Match", artificial intelligence is used to make matching recommendations for buyers and sellers. In addition to the exchange of business between companies and buyers, the online exhibition also featured an "Intelligence Hub". There will be 17 seminars with over 60 industry leaders to come and share their views. Key speakers included Dai Xianwen, Director of Industry Operations of Alibaba Group, Shinya Jiuaga, Director of Purchasing and Logistics of AEON Stores, Flavien Serra, Founder of DTL Sourcing, Chen Meiyi, President of 28Mall.com, and Wu Xianguang, service head of EY Hong Kong.

(Edited by Ye Ke and Zhang Mingmin)